Guinness Nigeria : NIG PLC- QUARTER 2 - FINANCIAL STATEMENT FOR 2023

Guinness Nigeria Plc

Unaudited Financial Statements

For the period ended 31 December 2022

Guinness Nigeria Plc

Financial Statements - 31 December 2022

Unaudited Interim Financial Statements

Contents

	Page
Condensed Statement of Financial Position	1
Condensed Income Statement	2
Condensed Statement of Comprehensive Income	3
Condensed Statement of Changes in Equity	4
Condensed Statement of Cash Flows	5
Notes to the Condensed Financial Statements	6

Guinness Nigeria Plc

Financial Statements - 31 December 2022

Unaudited Interim Financial Statements

Statement of Financial Position

As at 31 December

ASSETS	Notes	31 Dec 2022		30 Jun 2022
	N'000		N'000
Non-current assets
Property, plant and equipment	13(a)	98,387,235		97,685,577
Right-of-use assets	22(a)	318,516		368,512
Intangible assets	14	471,418		326
Prepayments	15	3,330		4,757
Total non-current assets		99,180,499		98,059,172
Current assets
Inventories	16	38,403,733		32,000,675
Trade and other receivables	17(a)	17,276,122		14,078,900
Prepayments	15	767,639		587,852
Restricted cash	18(a)	1,577,324		1,829,893
Cash and cash equivalents	18(b)	65,421,884		69,103,716
Total current assets		123,446,702		117,601,036
Total assets		222,627,201		215,660,208
Equity
Share capital		1,095,191		1,095,191
Share premium		47,447,029		47,447,029
Retained earnings		30,074,987		41,437,171
Total equity		78,617,207		89,979,391
Liabilities
Non-current liabilities
Lease liabilities	22(b)	188,730		177,144
Employee benefits		1,434,189		1,528,175
Deferred tax liabilities		10,443,073		10,443,073
Total non-current liabilities		12,065,992		12,148,392
Current liabilities
Current tax liabilities	12(b)	2,473,375		8,740,294
Dividend payable	20(a)	1,650,639		1,933,364
Loans and borrowings	21(a)	32,476,642		31,309,343
Lease liabilities	22(b)	55		51
Contract liabilities	7(b)	794,084		1,866,384
Trade and other payables	23	94,549,207	95,3	69,682,989
Total current liabilities		131,944,002	71,5	113,532,425
Total liabilities		144,009,994		125,680,817
Total equity and liabilities		222,627,201		215,660,208

Approved by the Board of Directors on 25 January 2023 and signed on its behalf by:

Dr Omobola Johnson (Chairman)

FRC/2018/IODN/00000018366

John Musunga (Managing Director)*

Emmanuel Difom (Finance & Strategy Director)

FRC/2022/PRO/ICAN/001/00000024174

*The waiver of the FRCN has been received for the Managing Director to sign the Unaudited Financial Statements of the Company pending registration with FRCN.

The notes on pages 6 to 18 are integral parts of these financial statements.

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Guinness Nigeria Plc

Financial Statements - 31 December 2022

Unaudited Interim Financial Statements

Income Statement

For the period ended 31 December

	Notes	Quarter to date	Year to date	Quarter to date	Year to date
	31 December	31 December	31 December	31 December
		2022	2022	2021	2021
		N'000	N'000	N'000	N'000
Revenue	7(a)	65,601,794	118,451,675	61,655,076	109,124,503
Cost of sales		(41,550,824)	(76,161,228)	(40,383,741)	(72,616,506)
Gross profit		24,050,970	42,290,447	21,271,335	36,507,997
Other income	8(a)	293,978	954,360	1,126,463	1,374,017
Marketing and distribution expenses	8(b)	(12,515,105)	(21,929,106)	(12,251,375)	(18,831,330)
Administrative expenses		(5,185,174)	(8,766,169)	(3,061,375)	(5,459,208)
Profit from operating activities		6,644,669	12,549,532	7,085,048	13,591,476
Finance income	9(a)	800,720	1,398,224	126,679	633,127
Finance expense	9(b)	(4,253,104)	(6,713,095)	(186,759)	(1,252,779)
Net finance expense		(3,452,384)	(5,314,871)	(60,080)	(619,652)
Profit before income tax		3,192,285	7,234,661	7,024,968	12,971,824
Tax expense	12	(1,916,548)	(3,210,110)	(2,247,992)	(4,150,984)
Profit for the period		1,275,737	4,024,551	4,776,976	8,820,840
Earnings per share
Basic and diluted earnings per share (kobo)			184		403

The notes on pages 6 to 18 are integral parts of these financial statements.

2

Guinness Nigeria Plc

Financial Statements - 31 December 2022

Unaudited Interim Financial Statements

Statement of Comprehensive Income

For the period ended 31 December

	Quarter to date	Year to date	Quarter to date	Year to date
	31 December	31 December	31 December	31 December
	2022	2022	2021	2021
	N'000	N'000	N'000	N'000
Profit for the period	1,275,737	4,024,551	4,776,976	8,820,840
Total comprehensive income for the period
1,275,737	4,024,551	4,776,976	8,820,840

The notes on pages 6 to 18 are integral parts of these financial statements.

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